STAND. COM. REP. NO.  61

 

Honolulu, Hawaii

                , 2021

 

RE:   H.B. No. 681

      H.D. 1

 

 

 

 

Honorable Scott K. Saiki

Speaker, House of Representatives

Thirty-First State Legislature

Regular Session of 2021

State of Hawaii

 

Sir:

 

     Your Committee on Agriculture, to which was referred H.B. No. 681 entitled:

 

"A BILL FOR AN ACT RELATING TO MANAGEMENT OF STATE FUNDS,"

 

begs leave to report as follows:

 

     The purpose of this measure is to establish linked investments to provide loans for agriculture and authorize the Director of Finance to commit no more than $5,000,000 of certain monies available in the state treasury for the creation of linked investments through agreements with eligible lending institutions.

 

     Your Committee received testimony in support of this measure from the Hawaii Farm Bureau and one individual.  Your Committee received comments on this measure from the Department of Budget and Finance and Department of Agriculture.

 

     Your Committee finds that the cost of operating a farm or ranch in Hawaii can be significant, and in many cases, agricultural operations require capital that local farmers lack.  Operating capital may be difficult to obtain using traditional methods of financing.  Your Committee further finds that linked investments can provide an alternative loan program for farmers to increase their production.

     Your Committee has amended this measure by:

 

     (1)  Changing its effective date to July 1, 2050, to encourage further discussion; and

 

     (2)  Making technical, nonsubstantive amendments for the purposes of clarity, consistency, and style.

 

     As affirmed by the record of votes of the members of your Committee on Agriculture that is attached to this report, your Committee is in accord with the intent and purpose of H.B. No. 681, as amended herein, and recommends that it pass Second Reading in the form attached hereto as H.B. No. 681, H.D. 1, and be referred to your Committee on Economic Development.

 

 

Respectfully submitted on behalf of the members of the Committee on Agriculture,

 

 

 

 

____________________________

MARK J. HASHEM, Chair